Speaking on CNBC television, Buffett said, "It's a defect of mine" that he doesn't focus as closely on the efficiency of business units at Berkshire Hathaway Inc (BRKa.N), the conglomerate he has run since 1965.

Buffett told CNN that he is now reading three books and is looking forward to reading "Shattered" about the Clinton campaign.

"As we sit here, somebody is doing something wrong at Berkshire", he said, and the Wells Fargo situation shows the potential "damage" from inaction. "The main problem was they didn't act". He criticized the company's incentive system which led to the creation of fake accounts, which he said encouraged "bad behavior".

Buffett also addressed questions about his successor as chief executive, including whether plans had changed because he praised fewer managers than usual in his February shareholder letter. He's the company's largest shareholder.

He disclosed this week that Berkshire has sold about one-third of the IBM stake, even as it bulks up its holdings in Apple Inc AAPL.O , which Buffett said he thinks of more as a "consumer" company that a technology company.

"I could be making two mistakes on IBM, it's harder to predict, in my opinion, the winners in various items and how much competition will enter in to something like cloud services", Buffett continued.

"We're the largest holder of the four largest airlines, and that is much more of an industry thought", Buffett said.

Apple, which Buffett bought a stake in a year ago, accounts for about 5.5% of Berkshire's portfolio.

Berkshire and 3G control Kraft Heinz Co (KHC.O) and recently tried to merge it with Unilever NV (ULVR.L) UNc.AS for $143 billion, but was rebuffed.

That's a lot of capital that remains available for another big deal.

"We would have invested an additional $15 billion, and 3G an additional $15 billion, if a friendly agreement had been reached", Buffett said.

Share this:

Hot News

US Senate passes bill to fund government through SeptemberMay 08, 2017 - 15:41
McCaskill's choice makes practical and political sense, said Marvin Overby, a University of Missouri political science professor. The revamped healthcare legislation took a hit on Tuesday when Upton said he would not support the measure.

Sore ankle keeps Raptors G Lowry out of starting lineupMay 07, 2017 - 12:57
Lowry, who would make things a little more interesting were he healthy, described his chances of playing in Game 4 as "doubtful". Point guard Kyle Lowry is also a great scoring output having averaged 22.4 in the regular season. "He was limping badly".

Mishra's charge against Kejriwal unbelievable: AAPMay 07, 2017 - 12:49
Delhi CM Kejriwal on Saturday removed Mishra and inducted AAP legislators Rajendra Pal Gautam and Kailash Gehlot in his cabinet. ALSO READ: AAP In Reconstruction Mode: Will Kumar Vishwas Play A Bigger Role In The Party? I am a founding member of the AAP.

'Slum pope' and billionaire US president to meet May 24May 06, 2017 - 02:26
Mr Trump, who met with Israeli Prime Minister Benjamin Netanyahu at the White House in February, will then head to Israel. In Israel, local media said that Trump wants to deliver his main speech at the ancient desert fortress of Masada.

Penguins star Crosby returns to practice after concussionMay 06, 2017 - 02:23
Crosby said the collision isn't "one that happens too often", but later added "it's really tough to gauge that one". If he can't play, Saturday would mark the 115th game he has missed in his career for concussion-related issues.

Why Buhari Must Make His Health Status Public - NMAMay 06, 2017 - 02:19
It is believed that the arrival of the medics, is to prevent the President from leaving the country. He said the management of the information on the president's health has been badly managed.

Kerala SSLC exam results 2017 to be out todayMay 06, 2017 - 02:17
Like every year, a large number of students have appeared for and are trying to check the Kerala SSLC Examination Result 2017. The exam was conducted in March at 2,933 centres in the state and nine centres in Lakshadweep and the Middle East.

New Plan for Troops in Afghanistan Goes to White House Next WeekMay 06, 2017 - 02:14
He said the updated Pentagon strategy needs to lay out a plan that reinforces America's "enduring" presence in the country. Bush's presidency - and its allies invaded Afghanistan on October 7, 2001 as part of Washington's so-called war on terror.